Global markets once again experienced volatile trading activity in June over continued fears of a global trade war between the US and its major trading partners.

Emerging markets were especially targeted by investors with the MSCI Emerging Markets index declining 4.6% month-on-month.

Much of the market’s focus has been on the escalating tension between the US and China. Tariffs have kicked off on $34 billion worth of Chinese imports with an additional $16 billion pending.China has promised to immediately impose retaliatory duties of a similar size on American goods.

The Chinese have initially targeted US goods produced in states that played a key role in Trump’s upset victory in 2016. China is, for example, cancelling agricultural orders from Midwestern farm states in an effort to help ignite a domestic backlash against Trump’s strategy and force him to back down.